JAKARTA – PT BUMA Internasional Grup Tbk (DOID) has unveiled its consolidated financial and operational results for the first quarter ended March 31, 2026, showcasing a robust continued recovery from the operational challenges experienced in Q1 2025. Despite facing a traditionally difficult quarter, DOID’s Q1 2026 performance underscores the company’s strategic adjustments and commitment to efficiency.
From a financial standpoint, DOID reported revenues of US$ 318 million, a 10% year-on-year (YoY) decrease for Q1 2026. This adjustment aligns with the company’s smaller active portfolio. Nevertheless, the Average Selling Price (ASP) for DOID’s mining contractor business saw a healthy 3% increase YoY. This positive trend was bolstered by a higher proportion of rise-and-fall contracts and tiered tariff adjustments linked to coal prices, reflecting effective contract management.
A significant highlight of the quarter was the impressive surge in profitability. DOID’s EBITDA soared by 98% YoY, reaching US$ 28 million from US$ 14 million in Q1 2025. This propelled the EBITDA margin to 11%, a substantial improvement from 5% in the prior-year period. Furthermore, the company successfully narrowed its net loss, recording US$ 24 million in Q1 2026, a remarkable 66% reduction compared to the US$ 70 million net loss in Q1 2025. This substantial improvement was driven by the strong EBITDA recovery, complemented by three key non-operational factors: a US$ 12 million gain from ongoing ACG portfolio optimization through land asset sales, a US$ 12 million reduction in investment losses from 29Metals, and the non-recurrence of a US$ 4 million Australian receivables provision recorded in Q1 2025.
In terms of investment and liquidity, DOID’s capital expenditure for Q1 2026 stood at US$ 20 million, strategically allocated to maintain fleet reliability and ensure operational sustainability. Crucially, the company’s free cash flow reversed to a positive US$ 2 million in Q1 2026, a significant turnaround from the negative US$ 19 million reported in Q1 2025. This improvement was predominantly fueled by US$ 17 million received from land sales as part of the ACG portfolio optimization, further supported by the robust EBITDA recovery and prudently lower capital expenditure.
Overall, DOID’s Q1 results were remarkably stable, particularly considering the quarter is seasonally characterized by the highest rainfall and presents the most challenging operational conditions of the year. This resilience is a direct outcome of structural improvements in productivity, unit costs, and unwavering operational discipline. During the quarter, DOID successfully completed the establishment of centralized subject-matter expert teams across key functions, poised to act as primary drivers for enhancing overall performance.
The operational advancements witnessed in Q1 2026 are a continuation of positive trends established throughout 2025. In Indonesian operations, DOID saw a 14% reduction in non-productive hours, achieved through effective management of slippery conditions caused by rain, as well as obstacles in disposal areas, haul roads, and challenging geological conditions. Productivity, measured in bank cubic meters (BCM) per hour, increased by 1% YoY, aligning with a 1% YoY reduction in cycle time. This was largely attributed to improved haul road conditions and reduced waiting times, demonstrating enhanced operational efficiency.
DOID’s unit cost per BCM decreased by 1% YoY, reflecting persistent cost discipline. Labor costs per BCM saw a 4% YoY reduction, driven by sustained shift discipline and more efficient operator deployment, with the operator-to-equipment ratio decreasing by 3% YoY. While fuel costs per BCM produced rose by 3% YoY, this increase was entirely due to higher fuel prices, with consumption per BCM remaining stable, indicating consistent fleet efficiency. However, repair and maintenance costs per BCM increased by 13% YoY, a planned measure to accelerate maintenance activities and maximize equipment readiness for the anticipated drier operational periods in the second and third quarters.
Looking beyond Q1 2026, DOID’s operational recovery continued robustly into April, marked by increasing volumes, stronger execution, and improving weather conditions. The monthly combined overburden removal volume across Indonesia and Australia steadily climbed from 26.4 million bank cubic meters (MBCM) in February to 30.4 MBCM in March, and further to 34.3 MBCM in April 2026. Similarly, DOID’s coal production reached 5.9 million tons in April, an increase of approximately 16% and 22% respectively above the Q1 2026 monthly average, signaling significant momentum.
On a year-on-year basis, however, DOID’s total overburden removal volume for Q1 2026 declined by 12% YoY to 89 MBCM, and coal production fell by 20% YoY to 15 million tons. This reduction primarily reflects the conclusion of contracts at the Binungan site in Indonesia and the Burton site in Australia, alongside ramp-downs at two other Indonesian sites in 2025. Importantly, sites operating under normal conditions maintained stability.
Iwan Fuad Salim, Director of BUMA International Group, emphasized that the Q1 2026 results demonstrate the sustained recovery momentum DOID built throughout 2025, even during a seasonally challenging quarter. “Our EBITDA nearly doubled year-on-year despite lower revenues, a testament to our intensified cost discipline and enhanced productivity,” he stated. He added, “Operational discipline and EBITDA improvement were consistently maintained past the peak rainy season in February, providing us with a stronger foundation for the rest of the year.” With the transition to centralized subject-matter expert teams now complete, bringing deeper functional expertise to every operation, DOID’s focus is firmly set on solid execution as it moves into the drier, more favorable operational quarters ahead.
Summary
PT BUMA Internasional Grup Tbk (DOID) reported a robust financial recovery in Q1 2026, significantly narrowing its net loss by 66% to US$ 24 million from US$ 70 million in Q1 2025. This substantial improvement was primarily fueled by a 98% year-on-year surge in EBITDA to US$ 28 million, despite a 10% decrease in revenues to US$ 318 million due to a smaller active portfolio. Furthermore, DOID’s free cash flow reversed to a positive US$ 2 million, supported by land asset sales and reduced investment losses from 29Metals.
Operationally, DOID demonstrated stable performance in Q1 2026, a seasonally challenging quarter, reflecting structural improvements in productivity and cost discipline. Indonesian operations saw a 14% reduction in non-productive hours and a 1% decrease in unit cost per BCM, while overall productivity increased. The operational recovery continued strongly into April, with overburden removal volumes and coal production significantly increasing, setting a solid foundation for the more favorable drier quarters ahead.